Novogratz Purchases more stakes in Galaxy Digital
Additional $5 million was invested by Michael Novogratz in his cryptocurrency venture fund, Galaxy Digital Holdings, Ltd.
According to a press release, about 7.5 million ordinary shares of the company was bought by the Galaxy CEO which equals 2.7 percent of the overall shares outstanding, for 7.42 million Canadian dollars ($4.8 million). His total stake has increased following the purchase to near 79.3 percent of Galaxy, which transacts on the Toronto Stock Exchange’s TSX Venture Exchange.
Company Stocks Ruses
The report shows that the company’s stock has risen 21.36 percent, thereby increasing 1.25 Canadian dollars as at the time of press. As of last year, the stock dropped 19 percent in the midst of a bear market for crypto investments.
A $76.65 million net loss for the third quarter of 2018 was reported by Galaxy in November. As at then, Novogratz commented on the outcomes noting that it “sucks to build a business in a bear market,” however, he still showed optimism in regards to the company and foretold an influx of institutional money into cryptocurrencies in 2019 together with a resulting bull run.
In the previous year, Galaxy went public through a reverse partnership with a listed pharmaceutical company.
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